DGAP-News: ESTAVIS AG: Semi-Annual Account of ESTAVIS AG: Strategic Realignment Making Good Progress
(firmenpresse) - DGAP-News: ESTAVIS AG / Key word(s): Half Year Results/Interim Report
ESTAVIS AG: Semi-Annual Account of ESTAVIS AG: Strategic Realignment
Making Good Progress
11.02.2013 / 07:43
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- Top-line sales growth in strategic business areas of privatisation and
portfolio
- Revenues of EUR 18.0 million (previous year: EUR 28.6 million)
- Consolidated income of EUR -2.7 million (previous year: EUR 0.4
million)
- Earnings impacted by premature repayment of mezzanine capital, et al.
- Forecast confirmed - positive year-end result expected
Berlin, 11 February 2013 - ESTAVIS AG made considerable progress in the
implementation of its new business strategy during the first semester of
its 2012/2013 financial year. For one thing, it achieved substantial
top-line sales growth in its two strategic business areas of 'Portfolio'
and 'Privatisation.' Privatisation revenues rose from EUR 5.9 million to
EUR 9.1 million year on year, while revenues in the 'Portfolio' segment
climbed from EUR 3.8 million to EUR 4.1 million year on year.
The consolidated revenues amounted to a total of EUR 18.0 million
(prior-year period: EUR 28.6 million). Die total operating performance
equalled EUR 19.9 million (prior-year period: EUR 26.1 million). The
operating result came to EUR -0.04 million. The consolidated income of the
first semester equalled EUR -2.7 million (prior-year period: EUR 0.4
million), and was essentially defined - just like the result of the first
quarter - by expenditures for the premature repayment of a mezzanine loan
in addition to the encumbrances incurred in conjunction with the wind-up of
discontinued activities in the project development sector. The consolidated
income at the end of the second quarter equalled EUR -0.8 million
(prior-year period: EUR 0.4 million). The equity ratio rose to 36.3 percent
as of 31 December 2012 (up from 33.3 percent as of 30 June 2012).
Said Andreas Lewandowski, Member of the Board of ESTAVIS AG: 'The positive
development of our two core business areas continued in the second quarter,
thus confirming our choice of strategy. With the acquisitions undertaken
during the first semester and during the opening weeks of the ongoing
calendar year, we kept driving the expansion of our proprietary portfolio
forward, and thereby strengthened our basis for positive contributions to
operating income in this area. At the same time, we made good progress in
winding up the discontinued activities in the project development sector,
and actually sold off all relevant properties except for one minor asset.
Moreover, we seriously optimised our financing structure by repaying the
mezzanine financing.
'The amazing performance of our privatisation business reflects not least
the fact that the 2012 calendar year produced the finest result in our
company's history with 1,137 apartments sold, thus boosting our anyway
robust sales even further, and substantially so,' said Jacopo Mingazzini,
Member of the Executive Board of ESTAVIS AG. 'The market environment for
the privatisation business remains very favourable, and thanks to its sales
competence, Accentro GmbH is superbly positioned to exploit the fact.'
With a view to the swift wind-up of the encumbrances resulting from the
discontinued activities in the project development sector, and the
auspicious development in the company's two core business areas, the
Executive Board confirmed its expectation to achieve a clearly positive
consolidated net income by the end of the 2012/13 financial year.
About ESTAVIS:
ESTAVIS AG is a listed property company focusing on residential properties.
Using its purchasing network across Germany, ESTAVIS AG identifies property
portfolios with great value-add potential, and exploits its management
expertise to harness this potential in efficient ways. In addition to
regular cash flow from the property portfolios acquired, the performance of
ESTAVIS AG is driven by income from active apartment retailing. ESTAVIS AG
is headquartered in Berlin, and is listed on the Prime Standard of the
Frankfurt Stock Exchange (German Securities Code Number [WKN]: A0KFKB).
Contact:
ESTAVIS AG
Investor&Public Relations
Tel: + 49 30 887 181 799
E-mail: ir(at)estavis.de
End of Corporate News
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Language: English
Company: ESTAVIS AG
Uhlandstr. 165
10719 Berlin
Germany
Phone: +49 (0)30 - 887 181 - 0
Fax: +49 (0)30 - 887 181 - 11
E-mail: info(at)estavis.de
Internet: http://www.estavis.de
ISIN: DE000A0KFKB3
WKN: A0KFKB
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, München,
Stuttgart
End of News DGAP News-Service
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Datum: 11.02.2013 - 07:43 Uhr
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